Company Valuation: Tencent Holdings Limited

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 3,550,244 2,779,772 2,492,563 3,578,772 4,862,159 3,220,600 - -
Change - -21.7% -10.33% 43.58% 35.86% -33.76% - -
Enterprise Value (EV) 1 3,530,001 2,764,940 2,547,303 3,501,974 4,755,014 3,183,141 3,207,734 3,181,717
Change - -21.67% -7.87% 37.48% 35.78% -33.06% 0.77% -0.81%
P/E 16.1x 15.3x 22.4x 19.1x 22.3x 14.5x 13.5x 12.2x
PBR 4.4x 3.9x 3.12x 3.79x 4.31x 2.4x 2.05x 1.83x
PEG - -0.9x -0.6x 0.3x 1.2x 5.72x 1.88x 1.2x
Capitalization / Revenue 6.34x 5.01x 4.09x 5.42x 6.47x 3.9x 3.56x 3.24x
EV / Revenue 6.3x 4.99x 4.18x 5.3x 6.33x 3.85x 3.54x 3.2x
EV / EBITDA 20.4x 16.9x 10.8x 12.6x 14.1x 8.92x 8.19x 7.15x
EV / EBIT 13x 11.7x 15.9x 16.8x 19.7x 12.1x 11.6x 10.6x
EV / FCF 24.9x 21.6x 12.9x 19.3x 21.2x 25.6x 18.8x 15x
FCF Yield 4.02% 4.63% 7.78% 5.19% 4.71% 3.91% 5.33% 6.68%
Dividend per Share 2 1.298 2.4 3.129 3.164 4.649 5.05 5.298 5.872
Rate of return 0.35% 0.81% 1.17% 0.81% 0.86% 1.41% 1.48% 1.64%
EPS 2 23.16 19.34 11.89 20.49 24.15 24.77 26.55 29.32
Distribution rate 5.6% 12.4% 26.3% 15.4% 19.2% 20.4% 20% 20%
Net sales 1 560,118 554,552 609,015 660,257 751,766 826,047 904,932 993,653
EBITDA 1 173,173 164,037 235,454 277,012 336,427 356,852 391,808 444,908
EBIT 1 271,620 235,706 160,074 208,099 241,562 263,368 276,005 300,101
Net income 1 224,822 188,243 115,216 194,073 224,842 226,102 240,761 263,195
Net Debt 1 -20,243 -14,832 54,740 -76,798 -107,145 -37,458 -12,866 -38,882
Reference price 2 372.14 295.44 266.50 391.85 538.28 357.91 357.91 357.91
Nbr of stocks (in thousands) 9,540,009 9,408,797 9,352,822 9,132,925 9,032,821 8,998,443 - -
Announcement Date 3/23/22 A 3/22/23 A 3/20/24 A 3/19/25 A 3/18/26 A - - -
1CNY in Million2CNY
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
14.45x3.85x8.92x1.41% 481B
20.03x5.93x17.83x-.--% 299B
21.76x2.53x12.86x-.--% 144B
36.41x4.25x27.73x-.--% 105B
2.9x77.78x2.17x0.14% 102B
31.28x6.12x17.2x-.--% 98B
10.1x7.3x87.65x0.68% 86.88B
74.66x4.41x21.01x-.--% 83.6B
7.58x2.89x59.89x0.79% 32.67B
190.41x2.97x86.67x-.--% 31.32B
Average 40.96x 11.80x 34.19x 0.3% 146.3B
Weighted average by Cap. 25.00x 9.70x 20.73x 0.53%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA



Year-on-year evolution of the Yield

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